Elon Musk’s 2018 Tesla Pay Deal Reinstated: Elon Musk, the world’s richest man, is about to get even richer. On Friday, the Delaware Supreme Court allowed him to receive his 2018 CEO pay package from Tesla, ending a six-year-long legal battle. The court reversed a previous decision that said Musk had wrongly influenced Tesla’s board when they created his pay plan. This likely ends a long shareholder lawsuit over what was once called the largest executive pay deal in history.
The 2024 ruling that canceled the pay package said Musk would be left unpaid for six years of work. The new 49-page ruling changes that, letting him receive the pay. The earlier decision had hurt Delaware’s reputation as a business-friendly state. Now, Musk has more control over Tesla, which was his main concern, even after shareholders recently approved a new pay plan that could be worth $878 billion if the company hits certain goals.
Elon Musk Wins $139 Billion Tesla Pay Package
The 2018 pay package is now worth about $139 billion, based on Tesla’s closing stock price on Friday. If Musk exercises all the stock options from the package, his stake in Tesla would grow from about 12.4% to 18.1% of the expanded shares.
Musk posted on the social media platform X that he was “vindicated,” while the lawyers who challenged the pay package said they were considering next steps and were proud of “calling to account the Tesla board and its largest stockholder for their breaches of fiduciary duty.”
Elon Musk Defended H-1B Visa Program
The 2018 pay deal gave Musk options to buy about 304 million Tesla shares at a discounted price if the company reached certain goals. Tesla’s board had warned that Musk, the world’s richest person and leader of SpaceX, might leave the electric car company if his pay was affected. Recently, Musk also defended the H-1B visa program, saying that the U.S. economy has gained a lot from Indian immigrants.
America Needs High-Skill Workers
Elon Musk said that America needs high-skill workers from India now more than ever, while also calling out the misuse of the visa system by some outsourcing firms. Musk said America has been an immense beneficiary of talent from India, adding that his companies constantly struggle to fill specialised roles because there is always a scarcity of talented people.
World’s Richest Man: SpaceX CEO Elon Musk’s Net Worth
Elon Musk is already the richest person in the world, with an estimated net worth of $644 billion, according to Bloomberg’s billionaire tracker. His wealth comes from the 413 million Tesla shares he owns, worth $199 billion at Friday’s closing price. Tesla’s stock is also near its record high from earlier this week.
Recently, Tesla awarded Musk a new pay package that could be worth $1 trillion if the stock rises as he and the company expect. Tesla is only part of Musk’s fortune. He is also the main shareholder of SpaceX, which he plans to take public next year. If that happens, it could make him even richer. (With IANS Inputs)
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: ZEE News
